FOREIGN business chambers on Wednesday pushed for continued economic reforms ahead of President Ferdinand Marcos Jr.’s fifth State of the Nation Address (SONA) on Monday.
In a statement, the Joint Foreign Chambers (JFC) said it had sent a letter to the president, outlining legislative and executive measures that should be prioritized to improve the country’s investment climate.
These priority measures include amendments to the Electric Power Industry Reform Act, the proposed Cybersecurity Act, Digital Economy Act, National Single Window System Act, Artificial Intelligence Act, National Land Use Act, amendments to the charters of the Civil Aviation Authority of the Philippines and the Philippine Ports Authority, and the Freedom of Access to Information Act.
The JFC also called for the full implementation of the Create More Act, Ease of Doing Business Act, and Ease of Paying Taxes Act.
JFC said these would help resolve challenges in energy costs, trade facilitation, regulatory efficiency, digital competitiveness, and infrastructure governance. Aside from these, the reforms are expected to allow the Philippines to better participate in regional and global value chains and to attract more investments.
“The Philippines has made meaningful progress in advancing reforms that strengthen investor confidence and improve the business environment,” American Chamber of Commerce of the
Philippines (AmCham) Executive Director Ebb Hinchliffe said.
“Continued action on competitiveness-enhancing reforms and effective implementation of existing laws will help attract more investments, create jobs, and sustain economic growth,” he added.
The JFC is composed of the AmCham, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines Inc., Korean Chamber of Commerce Philippines, Inc., and the Philippine Association of Multinational Companies Regional Headquarters, Inc.
The JFC said it remained committed to working with the government in pushing for policies that would help promote innovation, economic competitiveness and opportunities for Filipinos.
